The Most Common Office Items You Can Claim Against Your Business Tax
For employees, a business’s cash flow is practically endless. After all, employees only see the lights working and the water running, they don’t know about any of the payment arrangements which you have in place to prevent either from being disconnected.
This is the type of business aspect which is only known to a business owner. However, what isn’t known to all business owners is the extent of just how many of their office expenses are tax deductible, helping them to free up business cash flow.
If you own or operate a business and want to know which of your office expenses you may be able to claim against your tax, keep reading.
If you were to sit down and look at all of your overheads and operating expenses, rent would be the top line item. Simply because the property you choose and where you choose to locate your business is the most expensive aspect of owning a business.
And while you may see the rent check leave the office every month, did you know that you may be able to see a portion of that check return in your tax bill? That’s right! The rent which is paid for by your business is tax deductible in its entirety. While this doesn’t mean that your business can operate with free rent, it can mean a nice reduction in your yearly real estate expenses.
Of course, an office can only run once it has been set up and established. This requires purchasing a range of office equipment including computer, chairs, and stationery supplies. On top of saving money using the Groupon Coupons page for the Microsoft Store to purchase your business computer equipment, these items can also be listed on your business tax return as deductions.
There is no getting around paying your business utility bills. After all, the lights need to turn on and the water needs to run. However, did you know that the utility costs associated with the operation of your business are tax deductible? This includes utilities such as:
- Internet Access
- Business landline
- Business cell phones
Each month these bills come in, and each month you can keep the documentation and include it on your next tax return.
If you operate a physical business then the chances are that you will have some sort of insurance over the building and its contents. Namely, your business and your business supplies. And as ever increasing as these monthly premiums can be, they are also fully deductible.
The same goes for any health insurance you provide for your employees, however, there are a few requirements to fulfill before you can consider this claim, so check with your tax agent before placing this on your form.
It’s a plain fact that it costs money to start up and operate a business. However, with the range of grants and tax breaks available, continuing a successful and profitable business really comes down to the tips and tricks that you know, such as the ones in this article which can all help you and your business.